高管并购经验与企业并购研究--基于并购数量与质量双重视角  

Research on Executive M&A Experience and Enterprise M&A--Based on Quantity and Quality of M&A

作　　者：孟阳 MENG Yang(Graduate School,Chinese Academy of Social Sciences,Beijing 100732,China)

机构地区：[1]中国社会科学院研究生院,北京100732

出　　处：《技术经济与管理研究》2020年第5期53-59,共7页Journal of Technical Economics & Management

摘　　要：高管作为企业的领导者,其并购经验将不可避免地对企业并购产生直接影响。本文立足于线性相关模型,以2009-2018年我国2141家制造业企业为研究样本,从并购数量与质量双重视角,探讨高管并购经验对企业并购的影响,得出以下结论:高管并购经验越丰富,企业的并购数量、绩效与成功率越高,且相较于失败的并购经验,高管成功的并购经验与企业并购之间存在着更为明显的相关关系;股权激励会加强高管和企业之间的利益关系,引导高管偏向于进行风险更高的并购行为,充分利用以往的并购经验,提高并购质量;高科技企业的高管并购经验与企业并购的正向关系相较于非高科技企业而言更为明显。本文通过替换指标和分组检验的方式进行稳健性检验,实证结果保持稳健。As the leader of M&A,the M&A experience of senior executives will inevitably have a direct impact on M&A. Based on the linear correlation model,2141 manufacturing enterprises in China from 2009 to 2018 are taken in the paper as the research sample,from the dual perspective of the quantity and quality of M&A,to explore the impact of M&A experience of senior executives on enterprise M&A,and draw the following conclusions. The richer the experience of M&A of senior executives,the higher the number,performance and success rate of M & A of enterprises will happen,and the successful M & A of senior executives compared with the failed M&A experience,there is a more obvious correlation between experience and M&A. Equity incentive will strengthen the interest relationship between executives and enterprises,guide executives to prefer higher risk M&A behavior,make full use of previous M&A experience,and improve the quality of M&A. The positive relationship between M&A experience and M&A experience of high-tech enterprises is more obvious than that of non-high-tech enterprises. In this paper,the method of substitution index and grouping test is used to test the robustness,and the empirical results remain stable.

关 键 词：并购数量 并购质量 并购经验 股权激励 

分 类 号：F271[经济管理—企业管理]